HOUSE BILL NO. 5653

A bill to amend 1984 PA 270, entitled "Michigan strategic fund act," by amending sections 88b, 88f, and 88h (MCL 125.2088b, 125.2088f, and 125.2088h), section 88b as amended by 2014 PA 505, section 88f as amended by 2012 PA 221, and section 88h as amended by 2012 PA 145, and by adding section 88u.

The purpose of this bill is to make changes to the Michigan strategic fund act in order to allocate funds towards programs and activities that promote economic development and job creation in the state of Michigan.

Specifically, the bill allows the fund board to determine the annual allocation of money for programs authorized under the act and make authorized expenditures or investments from the investment fund. The funds may be used for various purposes, including 21st century investments, grants and loans, promotion of tourism, and community revitalization incentives. The bill also establishes the Michigan innovation fund program to provide support for venture funds and start-up support services in the state.

The bill includes provisions to ensure transparency and accountability in the use of funds, such as requiring grant recipients to report on their activities and prohibiting fund board members from gaining personal benefit from investments.

The funds for these programs will come from the 21st century jobs trust fund, which is a permanent fund established under the Michigan trust fund act.

In summary, this bill aims to allocate funds towards programs and activities that promote economic development and job creation in Michigan by amending the Michigan strategic fund act and establishing the Michigan innovation fund program.

Economic Development: Michigan Strategic Fund